Gold Prices Close Higher, 1 oz Bullion Gold Coins Gain

by Bullion Prices Staff on April 13, 2011

U.S. gold prices rose Wednesday, recovering a portion of their Tuesday losses. Silver and platinum also advanced on the day, but palladium declined.

June gold prices added $2, or 0.1%, to $1,455.60 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices hit an intraday low of $1,452 an ounce and a high of $1,463.70 an ounce.

"Crude oil prices stabilized Wednesday after selling off sharply Monday and Tuesday. That was a mild positive factor for the precious metals and other commodity markets Wednesday," noted Jim Wyckoff of Kitco News.

"Goldman Sachs became more bearish the crude oil market earlier this week, believing prices have peaked or are close to peaking. That, along with some forecasts from other energy authorities that higher crude and gasoline prices had curtailed demand, produced strong selling pressure in the crude oil market. Look for the precious metals markets to even more closely track price movements in the crude oil market for the near term."

May silver futures prices rose 17.1 cents, or 0.4%, to $40.24 an ounce. The metal has advanced during seven out of the last eight days.

In PGM futures prices, June palladium fell $4.80, or 0.6%, to $765.30 an ounce and July platinum added $2.90, or 0.2%, to $1,777.20 an ounce.

In comparing London bullion PM fixing prices on Wednesday from those on Tuesday:

  • Gold added $7, or 0.5%, to $1,457.50 an ounce
  • Silver lost 22 cents, or 0.5%, to $40.22 an ounce
  • Palladium declined $10, or 1.3%, to $773 an ounce
  • Platinum advanced $1, or 0.1, to $1,786 an ounce

Buyers ordered more 22-karat American Gold Eagle and 24-karat American Buffalo Gold bullion coins from the United States Mint on Wednesday. The 1 oz Gold Eagle rose 1,000 and the 1 oz Gold Buffalo gained 1,500.

Speaking of 24-karat gold coins, the United States Mint on Wednesday raised prices on their highest purity numismatic gold coins — $25 more for each First Spouse Gold Coin and $50 more for the collector proof Gold Buffalo.

The latest published daily, April and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
  April
2011
Daily
Gain
2011
Totals
1 oz American Gold Buffalo 7,500 1,500 45,500
1 oz American Gold Eagle 44,000 1,000 307,500
1/2 oz American Gold Eagle 0 0 21,000
1/4 oz American Gold Eagle 0 0 38,000
1/10 oz American Gold Eagle 10,000 0 170,000
American Silver Eagle 1,374,000 0 13,803,000

Figures above are in coins, not ounces sold.

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